Electric Power Steering Market Share

APAC Market Forecast

Asia Pacific electric power steering market is anticipated to hold the largest revenue share of about 37% by the end of 2037. In particular, increased vehicle production in developing countries like China, India, Japan and South Korea has been a major factor for market growth. For instance, the total number of vehicles produced as of 2024 is about 15 million units. Furthermore, China had produced approximately 20 million passenger cars and 5 million commercial vehicles by 2021.  As electric power steering becomes more advanced, automotive manufacturers are increasingly incorporating it into their production lines. These systems are powered by an electric motor and provide power assistance when turning the steering wheel. A driver is able to control their vehicle more easily and with less exertion by using this assistance to turn the steering wheel.

North American Market Statistics

North American electric power steering market is expected to garner a significant share during the forecast period. Increasing demand for electric vehicles, coupled with the associated national legislation and subsidies, is a major driver of market growth. The growing demand for luxury cars and passenger vehicles is also anticipated to be driven by strong disposable income and increased standards of living in the region. Estimates indicate that Tesla sold over 481,000 vehicles in the United States in 2022, while BMW sold over 150,000.  Due to their ability to offer better and more precise steering as well as increased fuel efficiency, the use of electric power steering systems is growing in popularity. The need for more effective and pleasant power steering systems is a result of an increase in luxury car and passenger vehicle demand.